DA Davidson Issues Positive Forecast for 1st Source (NASDAQ:SRCE) Stock Price

1st Source (NASDAQ:SRCE) had its target price upped by equities researchers at DA Davidson from $87.00 to $88.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson‘s price objective would indicate a potential downside of 0.56% from the company’s current price.

SRCE has been the topic of several other reports. Piper Sandler restated an “overweight” rating and issued a $105.00 price objective on shares of 1st Source in a report on Tuesday. Keefe, Bruyette & Woods upped their price target on shares of 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Zacks Research lowered 1st Source from a “strong-buy” rating to a “hold” rating in a report on Monday, September 28th. Finally, Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Thursday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.67.

1st Source Stock Performance

Shares of 1st Source stock traded up $0.64 on Tuesday, reaching $88.50. The stock had a trading volume of 28,800 shares, compared to its average volume of 128,580. The stock has a market cap of $2.13 billion, a P/E ratio of 12.71 and a beta of 0.57. The business’s 50-day moving average price is $85.96 and its two-hundred day moving average price is $77.22. 1st Source has a fifty-two week low of $58.49 and a fifty-two week high of $91.46. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 22nd. The financial services provider reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.20. The business had revenue of $118.83 million during the quarter, compared to analysts’ expectations of $118.11 million. 1st Source had a net margin of 28.85% and a return on equity of 13.57%. On average, sell-side analysts forecast that 1st Source will post 7.26 EPS for the current year.

Insider Activity

In related news, CFO Brett Bauer sold 500 shares of 1st Source stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the transaction, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at $2,698,750.34. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 20.17% of the company’s stock.

Institutional Investors Weigh In On 1st Source

Institutional investors have recently bought and sold shares of the stock. Ellsworth Advisors LLC raised its holdings in 1st Source by 1.2% in the 3rd quarter. Ellsworth Advisors LLC now owns 11,809 shares of the financial services provider’s stock worth $998,000 after purchasing an additional 141 shares during the period. Nykredit A S purchased a new position in shares of 1st Source during the 2nd quarter valued at approximately $27,000. Nisa Investment Advisors LLC increased its holdings in 1st Source by 66.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,181 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 470 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in 1st Source during the second quarter worth $40,000. Finally, Integrated Wealth Concepts LLC purchased a new position in 1st Source during the second quarter valued at $48,000. Institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.